Pinnacle West Capital Co. (NYSE:PNW) Holdings Cut by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Pinnacle West Capital Co. (NYSE:PNW) by 20.2% in the third quarter, HoldingsChannel.com reports. The fund owned 38,430 shares of the utilities provider’s stock after selling 9,731 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Pinnacle West Capital were worth $3,405,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in PNW. Price T Rowe Associates Inc. MD increased its holdings in shares of Pinnacle West Capital by 2.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 150,298 shares of the utilities provider’s stock worth $11,232,000 after acquiring an additional 2,892 shares during the period. Bayesian Capital Management LP increased its stake in shares of Pinnacle West Capital by 244.6% in the first quarter. Bayesian Capital Management LP now owns 22,399 shares of the utilities provider’s stock valued at $1,674,000 after purchasing an additional 15,899 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Pinnacle West Capital by 5.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 641,865 shares of the utilities provider’s stock valued at $47,967,000 after buying an additional 31,183 shares during the last quarter. Redwood Investment Management LLC boosted its position in shares of Pinnacle West Capital by 14.9% during the first quarter. Redwood Investment Management LLC now owns 30,772 shares of the utilities provider’s stock worth $2,300,000 after buying an additional 3,985 shares during the period. Finally, Tidal Investments LLC bought a new position in Pinnacle West Capital in the 1st quarter worth approximately $295,000. 91.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PNW. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Pinnacle West Capital has an average rating of “Hold” and an average target price of $81.88.

Pinnacle West Capital Trading Down 0.7 %

Pinnacle West Capital stock opened at $92.93 on Monday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $94.38. The firm’s 50 day moving average price is $89.01 and its two-hundred day moving average price is $83.96. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.895 per share. The ex-dividend date of this dividend is Monday, November 4th. This is a positive change from Pinnacle West Capital’s previous quarterly dividend of $0.88. This represents a $3.58 dividend on an annualized basis and a dividend yield of 3.85%. Pinnacle West Capital’s payout ratio is 67.80%.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.